H2 Core, a company in which Enapter holds a significant stake, was presented at the mwb research Renewables Conference yesterday. The company is a hydrogen system integrator, specializing in the final combination and installation of complete hydrogen systems (electrolyser, tank and fuel cell). H2 Core is about to go public via a reverse IPO. For Enapter, the partnership has two main benefits: on the one hand, Enapter can offer complete solutions through H2 Core and benefit from the associated growth. In addition, the value of Enapter's stake in H2 Core should become more visible after the IPO. All this is further evidence that Enapter has a good sense for forming value accretive partnerships in order to optimally position itself in the hydrogen market. mwb research’s analysts therefore reiterate their BUY rating with an unchanged PT of EUR 15.00. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Photon Energy CEO Georg Hotar presented the company's business model, recent developments and outlook at the mwb research Renewables Conference (video recording: https://research-hub.de/events). 2023 was a challenging year for Photon Energy, as several business units faced adverse conditions simultaneously. Falling electricity prices and PV component prices and grid bottlenecks delaying new projects all weighed on results. However, there is evidence of a turnaround in 2024. Photon Energy has shifted a significant part of its Hungarian portfolio to a feed-in tariff model, thus securing more stable revenues. Rising forward electricity prices are another positive indicator. Finally, the New Energy business is expected to make a significant contribution for the first time in FY24. Photon Energy maintains its FY24 revenue and EBITDA guidance of EUR 90-100m and EUR 16-18m, respectively, and thus expects significant top- and bottom-line growth. mwb research’s analysts reiterate their BUY rating with an unchanged price target of EUR 3.05. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Since publishing its Q1 results a month ago, Kontron’s shares have risen by nearly 14%, outperforming the market due to recent positive developments. These include a significant contract to supply smart charging stations for electric vehicles, valued at a minimum of EUR 200m, and leveraging expertise from the Katek merger. Kontron also completed the delisting tender offer for Katek SE, increasing its stake to 87.31%. Additionally, Kontron sold TeleAlarm Europe GmbH for EUR 39m, aligning with its strategic focus on IoT solutions. These actions, alongside operational and strategic transformations, bolster Kontron's shift towards a pure play IoT company. mwb research’s analysts therefore maintain their BUY rating with an unchanged price target of EUR 34.00. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Shares in Siemens Energy have rallied 300% in seven months as financial concerns have been eased by government and bank guarantees and the first real progress appears to be being made in the beleaguered wind business, with the smaller onshore 4.X turbines expected to be relaunched in October and the larger 5.X to follow in 2025. A comparison with GE Vernova shows that there is still upside potential despite the share price performance. Both companies are quite similar and have a pivotal role to play in the energy transition. Even if Siemens Energy's onshore wind challenges look more severe than GE Vernova's, a 50% discount on EV/EBITDA looks excessive. mwb research’s analysts raise their price target from EUR 26.00 to EUR 30.00 and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

RedCare Pharmacy's shares dropped by over 25% since the release of its prelim. Q1 results early April. Also, final figures at the end of April did not help to convince investors to get back into the stock. In contrary, the negative trend persisted, which mwb research’s analysts believe was mainly due to several factors: slowing revenue momentum with Q1, little impact of e-RX sales in the DACH region and increased marketing expenses pressuring margin development. In addition, rumors of Amazon Pharmacy entering the German market further impacted the stock, which in total led to several broker downgrades and revised consensus estimates, now expecting a 2024 EPS of EUR -0.37 (mwb est. EUR -0.05). Nonetheless, RedCare's strong market position could benefit it long-term, prompting mwb research’s analysts to upgrade from SELL to HOLD with unchanged PT of EUR 114.00. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

cyan AG published its full-year report for 2023. The 2023 results were in line with the preliminary results announced in April. FY revenues were reported at EUR 4.7m, up 24% yoy, stemming from a high proportion of recurring revenues (93%). EBITDA from continuing operations decreased to EUR -4.5m, due to higher external services costs (COGS) and one-off impairments (EUR 0.6m). The FY24 outlook indicates revenues between EUR 6.6-7.4m, representing a 50% year-over-year increase at the midpoint, and notable improvement in EBITDA (exclusive of special effects). In light of the customer wins reported to date and the upcoming launches, mwb research’s analysts believe the guidance to be somewhat conservative. Nevertheless, the analysts have made slight adjustments to their FY24 estimates, which remain at the upper end of the range. On updated overall estimates, mwb research’s analysts raise their PT to EUR 3.85 (old: EUR 3.50). The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Suess MicroTec shares have surged nearly fourfold since October 2023, driven by the successful divestment of its MicroOptics division, which significantly improved financials, and the company's strategic position in the AI sector. In FY23, over 30% of Suess MicroTec's order intake was linked to AI applications, particularly in High Bandwidth Memory (HBM) production. With key industry players projecting substantial growth in AI processors and HBM supply, Suess MicroTec is poised to benefit significantly. Valuation now reflects this positive outlook after the recent strong share price development. It seems reasonable to take a breather until the actual growth trajectory becomes more visible. mwb research’s analysts now rate Suess MicroTec a HOLD with unchanged target price of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

CTS Eventim (CTS) witnessed healthy business momentum in Q1 2024. Revenues grew 12% yoy and adj. EBITDA was up at a stronger 36% yoy in Q1, underpinned by strong ticket sales (+26% yoy to 22.7m). The Live Entertainment segment also posted decent growth in its top line. Management is optimistic about the demand environment and guides for a moderate yoy revenue and adj. EBITDA increase in 2024. Q1 numbers and encouraging outlook highlight the superior market position of CTS in the ticketing market. Moreover, promising partnerships, including the one with AXS to offer ticketing services for the 2028 Summer Olympic and Paralympic Games in Los Angeles, and the recent proposal to acquire Vivendi's festival and international ticketing business - See Tickets (EUR 137m in revenues in 2023), should provide continued impetus. CTS’ share price has risen by 37% yoy and valuations appear fair. mwb research tweaks estimates for the latest developments and reiterates the HOLD rating on CTS at a revised PT of EUR 83.00 (old: EUR 76.00). The US Department of Justice's lawsuit against Live Nation could reignite concerns about CTS Eventim's market power and a potential regulatory backlash. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Lanxess shares have fallen more than 10% since the earnings report two weeks ago and are down nearly 50% from their 2023 peak following a series of weak quarters, most recently a lackluster Q1. Ongoing pricing pressure and weak volumes due to sluggish demand and destocking issues remain challenges. However, management expects a modest improvement in demand and forecasts adjusted EBITDA growth of 10-20% year-on-year in 2024, with sequential profitability improvements in Q2 and Q3. Lanxess is implementing cost-cutting measures, a significant dividend cut and plans to sell its Urethane Systems business to address the current challenges. These initiatives and a diversified global footprint are reasons for cautious optimism. With an unchanged price target of EUR 30.00, mwb research upgrade the rating from HOLD to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Fresenius Medical Care (FME) received updated credit ratings. Both Moody’s and S&P, important US-based credit rating agencies, upgraded FME’s rating outlook from negative to stable, based on the good growth momentum and the improved operational performance. With the release of Q1 figures, FME reaffirmed its FY24 outlook, and the management also reiterated the medium-term target of achieving an operating margin between 10-14% by FY 25. For the time being, FME delivered as expected. The turnaround at FME is progressing as expected by mwb research and should gradually be reflected in the numbers. The company is getting an additional tailwind from rating agency upgrades, which mwb research sees as a highly qualitative signal. However, this is largely reflected in the analyst’s assumptions. mwb research’s analyst confirms the estimates and the price target of EUR 39.00 and therefore maintains the HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care